is geokinetics in trouble-financial covenants

For the last year or so, Geokinetics one of Mermaid's largest international partners has needed on two occasions to restructure itself to remain solvent.

Mermaid Marine Australia has spent the last four or five years doing major projects with Geokinetics.

Both of these companies are currently working on a project in the Gulf of Mexico. I believe it is the only ongoing international work Mermaid Marine are involved in at the moment.

Geokinetics are about to announce their financials for the December Quarter. Hopefully the company will still be financial and not broken its financial covenants

The company is also embroiled in the Gulf of Mexico tragedy which saw several unfortunate deaths. This company as well as Trinity and Mermaid are being sued in conjunction with the tragedy by families of the drowned men. Although insurance will cover all litigation and settlements, my concern is will Mermaid be paid by Geokinetics for any outstanding monies owing from the contracted work. Remember Geokinetics in all cases has been the operator of these contracts won by Mermaid and itself. How exposed is Mermaid to money owed them.